Bitcoin’s rebound past $113,000, however brief it was, the renewed retail frenzy around GameStop (GME), and ongoing debates about the transparency of Tether (USDT) are shaping the week’s most talked-about crypto stories.
Data from market intelligence provider Santiment posted earlier today shows these three topics leading social discussions, highlighting a market driven as much by emotion as by fundamentals.
Bitcoin’s Rotation from Gold and the GME Revival
According to Santiment, Bitcoin continues to dominate trading chatter after jumping from $109,000 to nearly $114,000 on October 21. The move followed remarks by the U.S. Federal Reserve about granting crypto firms access to its payment network, a development that spurred optimism across the market.
Analysts on X noted that capital appears to be shifting from gold to Bitcoin, reversing the precious metal’s recent rally and hinting at growing investor confidence in digital assets. Furthermore, data from Bloomberg also revealed that large Bitcoin holders are exchanging their coins for shares in U.S.-listed Bitcoin ETFs, such as BlackRock’s IBIT, which has reportedly confirmed more than $3 billion worth of such swaps.
The flagship cryptocurrency’s market value now stands at roughly $2.16 trillion, trading near $108,000 at the time of this writing, down 4.4% in the last seven days but still up 60% year-on-year.
Meanwhile, the term “GME” has also exploded across crypto social feeds, mirroring 2021’s meme-stock craze. Santiment says traders are comparing GameStop’s short interest to that of AMC and Beyond Meat (BYND), with speculation of another short squeeze.
While GME itself is not a crypto token, its connection to retail trading culture has renewed talk of cross-market sentiment, linking meme stocks and speculative crypto assets.
Chainlink also entered the discussion after participating in the Federal Reserve’s Payments Innovation Conference, where it showcased its role in bridging traditional finance and DeFi.
Ethereum’s Governance Drama, Tether’s Expansion, and Kadena’s Collapse
Ethereum is also in the headlines following internal tensions within the Ethereum Foundation. Polygon co-founder Sandeep Nailwal recently criticized Ethereum’s “elite” governance, prompting Vitalik Buterin to respond with public praise for Polygon’s contributions. This exchange reignited questions about leadership and decentralization within the world’s second-largest blockchain. Currently, ETH is trading around $3,846, down 8% this week and almost 14% in the past fortnight per data from CoinGecko.
Tether has also drawn attention after surpassing 500 million users across its stablecoin products. According to Santiment, online debate is focused on the company’s asset backing, particularly its growing BTC reserves and the diversification of Tether Gold (XAUT). Supporters say Tether’s reach gives it unmatched influence in crypto markets, while critics are questioning its transparency.
Elsewhere, the recent collapse of the Kadena blockchain shook smaller-cap investors after the Layer-1 project said it was shutting down due to market conditions. The KDA token plunged nearly 60% within hours of the announcement, trading at just $0.086, its lowest in over three years.
Part of the conversations around the topic are centered on speculation that insider selling may have occurred ahead of the news.